Facebook and Instagram bans Bitcoin related Advertisements

Facebook, the world's largest social media platform, recently announced that it has banned ads related to crypto-currencies. Explaining that the decision was made to protect it's user base from fraud, Facebook said that the ban will also cover Instagram.

Facebook said ads related to crypto currencies and crypto currency mining are often misleading the public.

The Facebook spokesman told Business Insider that the new rule prohibits all ads related to crypto currencies, and will not be limited to blacklisting a few fraudulent keywords that try to sell crypto currencies or "special, fast" mining tools. For this reason, advertisements for legitimate Bitcoin wallets, as well as equipment needed for the Ethereum mining are also banned.

Facebook manager Rob Leathern said in his statement, "We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception."